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Article: SAUDI ARABIA: Latest OPEC Position
- Article from:
- APS Review Downstream Trends
- Article date:
- September 14, 1992
CopyrightCOPYRIGHT 1992 Input Solutions. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The production capacity of Saudi Aramco now is 9m b/d and will reach about 9.5m b/d next year. According to a reliable source in the kingdom, Riyadh is not likely to produce less than 8.5m b/d in 1993.
The kingdom is building up storage capacity close to its main buyers in order to protect market share and strengthen links with importers. To support the North American market, Saudi Aramco last month reached agreement to lease 3.5m barrels of storage space from Amerada Hess in the Caribbean island of St. Lucia. It had signed a 5-year rent deal with Wickland in 1989 to store 5m barrels in Aruba. For Europe, Saudi Aramco intends to buy space at Rotterdam. It has been ...